President Obama Signs Worker, Homeownership, and Business Act

President Obama yesterday signed into law H.R. 3548, the Worker, Homeownership, and Business Act of 2009, with seven major tax provision:

• Extension and Modification of First-Time Homebuyer Credit (§ 36)
• Five-Year Carryback of NOLs (§ 172)
• Exclusion from Income of Qualified Military Base Realignment and Closure (§ 132)
• Delay in Application of Worldwide Allocation of Interest (§ 864)
• Modification of Penalty for Failure to File Partnership or S Corporation Returns (§§ 6698 & 6699)
• Expansion of Electronic Filing by Return Preparers (§ 6011(e))
• Time for Payment of Corporate Estimated Taxes (§ 6655)

Documents:

• Bill Language
• Joint Committee on Taxation, Technical Explanation (JCX-44-09)
• Joint Committee on Taxation, Estimated Revenue Effects (JCX-45-09)

Press and blogosphere coverage:

• Associated Press
• CNN
• New York Times (editorial)
• U.S. News & World Report
• Wall Street Journal
• Web CPA